Join the IRS' tip-reporting program â€” Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Tip reporting can be a problem for employers such as restaurants and bars. Now, the IRS has designed a pilot program to promote compliance, reduce disputes on audit and avoid onerous filing and record-keeping burdens. Qualified employers may elect to participate in each of the three calendar years beginning in 2007.
Best news: The IRS agrees not to initiate exams of any participating employers. (IRS Revenue Procedure 2006-30)
If you handle payroll compliance, beware: As other tax revenue sources dry up, the IRS is hiring 700 new revenue agents whose only job will be to hunt down payroll-law violations. That means intense new scrutiny of your W-2s, 1099s, 1095s and other payroll tax reporting compliance....Click here to find out more.